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Re: The invisible rich
Old 01-23-2007, 09:02 AM   #21
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Re: The invisible rich

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Originally Posted by bssc
I always wonder who in my neighborhood has their house paid off and who is in debt up to their eye balls. Do my neighbors with the two Mercedes have a retirement plan? How about the people with the huge motorhome that sits in the driveway most of the time.
bscc, it's not hard to find out how much mortgage debt they have. My county has all property public records online, so I know how much mortgage debt my neighbor has.
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Re: The invisible rich
Old 01-23-2007, 09:05 AM   #22
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Re: The invisible rich

My county has all property public records online, so I know how much mortgage debt my neighbor has.

Is a mortgage considered public information, though? My state has property records online, but all they show is how much the purchase price of the house was, when they bought it, assessment value, square footage, acreage, number of floors, etc. But nothing of mortgage info.
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Re: The invisible rich
Old 01-23-2007, 09:23 AM   #23
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Re: The invisible rich

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Originally Posted by Andre1969


Is a mortgage considered public information, though?
The mortgage holder issues a lien (for lack of a better word - brain fog) against your property until the loan is satisfied. Liens and others of it's ilk are recorded, therefore it's accessible to the public.
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Re: The invisible rich
Old 01-23-2007, 09:32 AM   #24
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Re: The invisible rich

The amount of the mortgage and any HELOCs are recorded but the balances are not, at least in Arizona.
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Re: The invisible rich
Old 01-23-2007, 09:36 AM   #25
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Re: The invisible rich

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Originally Posted by bssc
The amount of the mortgage and any HELOCs are recorded but the balances are not, at least in Arizona.
Yes, it's like that as well in California.
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Re: The invisible rich
Old 01-23-2007, 09:38 AM   #26
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Re: The invisible rich

Yeah I'm guilty of looking thru public records online of coworkers. It's not a hobby or anything more like when I found out it was possible the newness of it kept me interested for a couple hours.

The mortgage amount is always there and if they have an adjustable rate loan the interest rate is available too, which can (but not surely) provide rough insight into their credit rating. A few had court filings for liens against them.
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Re: The invisible rich
Old 01-23-2007, 10:04 AM   #27
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Re: The invisible rich

I really like the idea of invisible rich. I don't feel that way myself but I guess it is like being James Bond with a license to kill in you pocket - you know about it but others don't.

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Re: The invisible rich
Old 01-23-2007, 10:27 AM   #28
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Re: The invisible rich

You're right dex. I'm sure I'm not the only one on this board that started with absolutely nothing. I lived very modestly because I had to, now I do because I want to. It sounds funny, but like you dex, it is satisfying to me knowing that if I wanted something, I could buy it. I like living under the radar.

An older gentleman that I respected a great deal asked me one day a few years ago, "How's it going young man ?. I answered him, "My wife is happy, my kids are healthy, I've got steady work and my bills are paid, we're eating good and we have a home, things couldn't be better".

He got a serious look on his face and replied "You've got life figured out".
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Re: The invisible rich
Old 01-23-2007, 11:22 AM   #29
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Re: The invisible rich

As we practice LBYM and save, we have an uphill battle to educate the kids. They see what their friends have and we hear the refrain: "but everyone has...." (fill in the blank with your choice). An early retirement for us, the parents, doesn't mean much to them.

We use most opportunities to try to educate regarding saving, overconsumption, and needs versus wants (ok, sometimes we are tired and just say no). The message will get through as they get older, as their "bank of mom and dad" accounts grow [BTW: thanks for that idea, I can't remember whose it was], and they have more opportunity to manage funds, but for now - wealth is what they see.
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Re: The invisible rich
Old 01-23-2007, 11:49 AM   #30
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Re: The invisible rich

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Originally Posted by Sandy
... as their "bank of mom and dad" accounts grow [BTW: thanks for that idea, I can't remember whose it was], and they have more opportunity to manage funds, but for now - wealth is what they see.
David Owens' "First National Bank of Dad"!
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Re: The invisible rich
Old 01-23-2007, 12:26 PM   #31
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Re: The invisible rich

Quote:
Originally Posted by Empty Pockets
An older gentleman that I respected a great deal asked me one day a few years ago, "How's it going young man ?. I answered him, "My wife is happy, my kids are healthy, I've got steady work and my bills are paid, we're eating good and we have a home, things couldn't be better".

He got a serious look on his face and replied "You've got life figured out".
Congrats - you are fortunate/blessed
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Re: The invisible rich
Old 01-23-2007, 12:47 PM   #32
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Re: The invisible rich

Thanks Nords
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Re: The invisible rich
Old 01-23-2007, 01:20 PM   #33
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Re: The invisible rich

DH and I like flying under the radar too. It helps keep things okay with friends and family. I don't want to be "the bank of anyone".
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